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The Future n Single family entry level construction to be below sustainable levels for 3 to 5 years n Continued conversions will reduce number of apartments in the market (and the same number of renters) n Decreasing vacancies to stabilize at 6% to 7% over the next two years n Rent increases of 1% to 1.5% per year n Declining concessions

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For a Copy of Today’s Presentation n Go to and look for Columbus Apartment Association Presentation – May 17, 2007www.danter.com